Shipping and offshore magnate John Fredriksen will now wave goodbye to one of the companies in his extensive portfolio - Bermuda-based Northern Offshore, says the company in a corporate statement.

The company has been bought by China's Shangdong Offshore Company for a total USD 164.2 million. With the acquisition, Shangdong Offshore Company takes over four drilling rigs and a floating production facility. Northern Offshore also has two jack-up rigs set for delivery, and these are also included in the transaction.